|By Marketwired .||
|December 11, 2012 04:01 PM EST||
RALEIGH, NC -- (Marketwire) -- 12/11/12 -- Highwoods Properties, Inc. (NYSE: HIW) today announced that Highwoods Realty Limited Partnership, the operating partnership through which the Company conducts virtually all of its operations, has priced a $250 million offering of 3.625% senior unsecured notes under its existing shelf registration. The notes are due January 15, 2023 and were priced to yield 3.752%. The offering is expected to close on December 18, 2012, subject to customary closing conditions.
The net proceeds from the sale of the notes will be used to reduce amounts outstanding under the Company's $475 million revolving credit facility and for general corporate purposes.
Wells Fargo Securities, LLC and Jefferies & Company, Inc. served as joint book-running managers and BB&T Capital Markets, a division of Scott & Stringfellow, LLC, Capital One Southcoast, Inc., Comerica Securities, Inc., Fifth Third Securities, Inc., Mitsubishi UFJ Securities (USA), Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and U.S. Bancorp Investments, Inc. served as co-managers.
This offering is being made pursuant to an effective shelf registration statement, and only by means of a prospectus supplement and accompanying prospectus. Copies of the preliminary prospectus supplement, final prospectus supplement (when available) and the accompanying prospectus may be obtained by contacting Wells Fargo Securities, LLC at 1525 West W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262, Attention: Capital Markets Client Support, toll-free: 1-800-326-5897, email: [email protected] or Jefferies & Company, Inc. at 520 Madison Ave, 12th Floor, New York, NY 10022, email: [email protected], toll-free 877-547-6340. Alternatively, you may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.
This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities, blue sky or other laws of any such state or other jurisdiction.
About Highwoods Properties
Highwoods Properties, headquartered in Raleigh, North Carolina, is a publicly traded (NYSE: HIW) real estate investment trust ("REIT") and a member of the S&P MidCap 400 Index. The Company is a fully integrated, self-administered REIT that provides leasing, management, development, construction and other customer-related services for its properties and for third parties. At September 30, 2012, Highwoods owned or had an interest in 333 in-service office, industrial and retail properties encompassing approximately 34.1 million square feet and owned 581 acres of development land. The Company's properties and development land are located in Florida, Georgia, Missouri, North Carolina, Pennsylvania, South Carolina, Tennessee and Virginia. For more information about Highwoods Properties, please visit our website at www.highwoods.com.
Certain matters discussed in this press release, such as statements about the expected closing of the offering and the use of proceeds from the offering, are forward-looking statements within the meaning of the federal securities laws. These statements are distinguished by use of the words "will", "expect", "intend" and words of similar meaning. Although Highwoods believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.
Factors that could cause actual results to differ materially from Highwoods' current expectations include, among others, the following: the financial condition of our customers could deteriorate; development activity by our competitors in our existing markets could result in excessive supply of properties relative to customer demand; development, acquisition, reinvestment, disposition or joint venture projects may not be completed as quickly or on as favorable terms as anticipated; we may not be able to lease or re-lease second generation space quickly or on as favorable terms as old leases; our markets may suffer declines in economic growth; we may not be able to lease our newly constructed buildings as quickly or on as favorable terms as originally anticipated; unanticipated increases in interest rates could increase our debt service costs; unanticipated increases in operating expenses could negatively impact our NOI; we may not be able to meet our liquidity requirements or obtain capital on favorable terms to fund our working capital needs and growth initiatives or to repay or refinance outstanding debt upon maturity; the Company could lose key executive officers; and others detailed in the Company's 2011 Annual Report on Form 10-K and subsequent SEC reports.
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